Sinochem completes gasoline export with blockchain technology

Sinochem Energy Technology Co., Ltd., a subsidiary of Sinochem Group, recently completed a pilot export transaction by using blockchain applications for a shipment of gasoline from China’s Quanzhou to Singapore. This is the world’s first energy blockchain application project with government departments involved, and it is the first time in the world that block chain applications have been applied to all key players in the commodity trading process.

After completing the trial of the first crude oil blockchain import transaction in December last year, Sinochem again applied blockchain technology to the refined oil export business, simplifying the complex and lengthy trading chain in traditional energy and chemical cross-border trade.